Several methods exist to consolidate credit card debt, such as debt consolidation programs, personal loans and 0% intro APR offers from balance transfer credit cards.
Debt Consolidation Programs
A debt consolidation program combines your credit card balances into one payment. You make a single payment to the program, which then distributes it to your creditors. Unlike a debt consolidation loan, which directly pays off your debts, your original debts remain but become more manageable.
Ideally, the program lowers your monthly payment compared to paying each card individually. Debt consolidation programs may negotiate with your creditors to reduce interest rates and eliminate fees like late charges, though these…
